SolarCity will start offering a first-of-its-kind solar loan to homeowners. According to a statement released by the company Tuesday, MyPower will combine the low upfront cost and immediate utility savings of a power purchase agreement (PPA) with the benefits of ownership.

Much like a solar PPA, customers will pay for their solar loan based on the energy the system generates from the sun. Unlike a solar PPA, customers will retain ownership of the panels.

“Once consumers understand it, they should prefer this product over a PPA,” SolarCity’s Chief Executive Officer Lyndon Rive told Bloomberg. “The total savings is greater than with a PPA.”

According to SolarCity, the residential solar service provider installed more residential solar systems in the second quarter of 2014 than its next 50 competitors combined.

SolarCity says it plans to act as a direct lender to its customers through its subsidiary, SolarCity Finance Company. Due to its potential to decrease the cost of solar electricity, SolarCity eventually expects MyPower to grow the market for solar power to regions of the U.S. that have traditionally seen very little adoption.

Customers in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey will be the first to have access to this opportunity.

Reuters notes that homeowners will be able to own their solar systems through SolarCity and claim the federal tax credit for solar power while still paying a monthly fee. The tax credit is anticipated to make the loans more affordable than the leases.

However, Bloomberg points out that that federal tax credit is scheduled to end after 2016. Rive told Bloomberg that he expects Congress to extend the tax credit beyond that date.

Would you be interested in a home solar loan that also offers the benefits of solar panel ownership? Start a conversation by sharing your thoughts in the comments section.